Member Info for HarChris

At best you might get Jason's word as to only using the ATM facility in good times with a rising share price and high volume but there won't be anything in the legal fine print stopping them using it whenever they want. The negative is that the market knows shares might hit the market at any time which puts off buyers, if other funding comes in I wouldn't be surprised if Marula sack the ATM off. No mention of prospectus in RNS but pretty sure they'll need one to authorise potentially admitting so many shares (which theoretically could dwarf current TVR). No idea re the tax losses but obviously excellent news if they are sitting on that big of an amount and can be used at such a low valuation!

Andy the £25m isn’t a loan, it’s an At-the-Market equity offering ie they might issue £2m when share price is 4p and Fortified (/ their clients) receive 50m shares in that example plus a handful of warrants.

It allows for raising smaller amounts via placing whenever you want, on tap. Preferable to traditional one-time chunkier placings in good markets and tends to have its disadvantages in poorer thin markets.

Yeah I get that now, but they could return 2p worth to shareholders and still sit on a today £16m cash position before expenses. Or some combination of that. Plus Beutong is many times the size of this project.

Well it all rests on on the valuation ARS can command going forward. They should be taking out a high interest loan for working capital purposes and paying it straight off when the £81m comes through unless they can command an £81m / 2.5p valuation to raise against.

Going forward there’s huge optionality with this funding with cash being used for capex going forward unless the valuation is high enough to warrant equity.

Surely it’s 2.5p a share final price? Or at least close to that. Seems to be some arbitrage gain to be had right now…

‘Nothing unusual with those few trades, if you see 1m + 1m etc then start to dream‘

__________

Well, well, well you spoke too soon. There’s a 750k delayed trade showing this morning.

The share price closed at 0.044p the day before the big news on the first Daemaneng agreement. A month later with a second binding agreement the share price has closed at 0.0455p, virtually identical to pre major funding deals.

Illogical.

Horsertrader it might seem easy to you but often those complaining are repeat offenders and are constantly finding problems to challenge and claiming missed items etc. This is probably especially true of the types of people that target such discount shopping as comes under the Huddled umbrella ie a higher percentage of bargain hunters using every trick in the book to save a few pence (often it’s the thrill of saving a few pence rather than actual need).

How on earth is the share price back at 20p with this news plus the Cap and Floor update in September???

Well I think it's a bit ridiculous that I can get the same price as I could looking in over the summer after these tworecent updates so have added 620k more shares to my pile.

The new RNS' were complementary in that the first transferred mining obligations to Daemaneng (up to £21.6m worth) so as to supply all the ore for the DMS processing facility + add in another revenue stream in ROM. The second RNS gives Daemaneng charge of the DMS facility too, including mining logistics, marketing and processing.

Essentially Ironveld are now a capital lite, royalty owner that isn't burdened with the risk that comes with such upstream and downstream activities but is subject to meaningful percentages of the profit. Also it's happening straight away, no delays. Daemaneng already on-site in Lapon with production and first ore deliveries to DMS plant expected any day (30 days from 7th Oct but can't say if we'll get updated immediately) and similarly commissioning will already be happening at the DMS plant with full handover of operations in the coming weeks.

I consider it the two rns' combined as a major derisking that will be reflected in the share price as the activity at mine site picks up and is reported to the market over the coming weeks and months.

They could but then you’d wonder why they shifted their name from Hamak Gold to Hamak Strategy.

Just seems a bit all over the place and chasing whatever is hottest.

There’s one of you and plenty of them goading, if you stopped taking the bait the boring back and forth day after day would end fairly quickly.

There’s no way a group who hate you are going to collectively stop all at once, so the onus is on you, but you seem to care so much that your avatar is not misrepresented on an anonymous BB.

Ignore it and keep distilling the investment case as you’re able to summarise the salient points succinctly.

I struggle to square that with previously giving away up to 100% of Nimba for what is peanuts. At the very least is the strategy not to leverage star/reputable names to pull off significant investment without too much dilution then opening up some new operational avenues?

The problem Hamak now has is they have agreed an ATM & CLN at the most inopportune time… could imagine them pausing drawdown and just mothballing until sentiment returns in the space and then leveraging it to release a strategy, enact CLN followed by ATM. If that’s possible within the Yorkville agreement.

Is there a way to get a Thorn post detailing how he’s consistently called this investment right, how his STS half life issues have been addressed, management issues rectified etc pinned? Then instead of clogging up the bb almost every day a message from anyone saying ‘see pinned post’ would suffice.

Special favour from admin for all our sanity?!

My take looking in from outside is that it was assumed that leveraging high profile names would alone cause the rerate and then from there, with a much higher bitcoin stack they could start to look to Metaplanet , Strategy etc as examples and enact similar approaches.

Problem is it’s all happening with treasury sentiment in the toilet and BTC sentiment teetering on the edge somewhat. Realistically they are a business with a small gold project that’s been farmed out and a holder of 20 bitcoin + access to a lot of equity capital.

It's concerning though if there's many others like you holding and itching to sell at the next opportunity... the funding requires momentum built upon momentum and therefore a higher and higher share price. Otherwise CLN gets enacted, any share price appreciation sees shares issued as part of the ATM and that cash initially pays off the CLN/interest. If there isn't momentum you'll find the share price reverting and now a bloated TVR meaning a higher mcap for a lower share price.

For some reason I had that figure written down in my notes. Fully diluted mNAV including all the warrants is more like 54p today. Trading at a large discount , BTC needs to fall to ~$80k to be trading at the fully diluted mNAV including all 2.5p warrants exercised. Perhaps what is currently being priced in.

Let's take it a step further assuming MT Gold can't pull their weight capex-wise and instead sell the final 49.9% to Jangada for say £2.5m. And call it 1B shares in issue. I imagine the project will have an NPV of anywhere from £200m-£350m, equivalent of 20p-35p assuming 1B shares.

Still lots of unknowns, if and buts but there's a realistic path to such returns.

I think it’s 60 days after first drawdown.. not sure if they’ve drawn down yet?

5p will end up more like £40m mcap but otherwise agree, here’s what I wrote the other day:

If we see that JORC upgrade to 350k+ with confident commentary of a later expansion to 1m oz, expect the £500k to convert above 1p as well as the 130m warrants executed at 1p. Will mean a future ~800m share count (+ £1.3m more cash for warrant execution) to go into debt funding talks with in 2026.

Even a 4p share price is just £32m mcap against a high grade low cost project likely to generate around $1.3B revenue (split 50/50). Loads of upside to come I think.